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Post by can16358p » Tue, May 30, 2023, 4:09 AM UTC

ShamelessC wrote: post #19

wmf wrote: post #14

Ordinal is a fairly new feature so it isn't terribly surprising that it's not widely used yet. Somebody has to be the first user, just as Satoshi mined most of the early blocks. More concerning is that the Bitcoin blockchain is getting clogged with Ordinals, crowding out other transactions. Spending $29M to DoS Bitcoin is either a really large or really small amount depending on your perspective.

As far as I can tell ordinals are just NFT's? Is that correct?

Post by RustyRussell » Tue, May 30, 2023, 4:14 AM UTC

RustyRussell wrote: post #30

dingledork69 wrote: post #4

> We leave the conclusions to the reader. As someone who hasn't kept up with Bitcoin for the past few years, can someone share their conclusion?

Someone is creating tokens with the hope of selling them onwards. Most of them are created by a single entity, who spent about $30M in fees to do so, so presumably they expect people to buy them, and thus profit. The only reason most Bitcoin users care is that they pushed up fees for everyone else (there is limited block space, so miners take the highest bids). Such few pressure is expected to be the norm eventually,…

Post by scrum-treats » Tue, May 30, 2023, 4:19 AM UTC

Paul-Craft wrote: post #59

scrum-treats wrote: post #51

Earlier quoted context omitted.

"We leave the conclusions to the reader. However, we notice that by spending only 0.005% of the total Bitcoin supply on transaction fees, a single entity can significantly impact the entire Blockchain regime. This illustrates that if a whale or a governmental actor, possessing hundreds of thousands of Bitcoins, decides to spam the blockchain, they could impede its usability for normal payments ."

There are essentially no "normal payments" being done with Bitcoin.

Post by RustyRussell » Tue, May 30, 2023, 4:23 AM UTC

paulgb wrote: post #79

thatguy0900 wrote: post #76

Earlier quoted context omitted.

I was under the impression that long term, the fees will increase and the fees will be the miners reward

Unlike the block reward (mining subsidy) which is set according to a fixed schedule, fees are set by the market. They will go up if demand for L1 transactions go up, but there’s nothing in the protocol to push them up over time. Satoshi’s vision was for Bitcoin to be used as digital cash[1], so that transaction demand would be enough to sustain the security of the system. Since the “cash” use case has fallen away to…

Post by nhinck2 » Tue, May 30, 2023, 4:35 AM UTC

jboy55 wrote: post #94

xk_id wrote: post #71

Earlier quoted context omitted.

Actually, you’re the one who got duped, if you genuinely believe that every single NFT is a scam and that you understand them better than every single NFT owner.

If I believe 99% of all NFTs sold were get-rich-quick scams, and because of that I've never have bought an NFT, how am I being duped? What am I missing by not being involved in it? Or more accurately, what did I miss out on? Seems like I missed out as much as I missed out not getting any Beanie Babies.